editorNPR Digital Services RSS Generator 0.94Jim Zarroli is a business reporter for NPR News, based at NPR's New York bureau. He covers economics and business news including fiscal policy, the Federal Reserve, the job market and taxes Over the years, he's reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders and Ponzi schemers. He's been heavily involved in the coverage of the European debt crisis and the bank bailouts in the United States. Prior to moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position he covered the United Nations during the first Gulf War. Zarroli added to NPR's coverage of the aftermath of Hurricane Katrina, the London transit bombings and the September 11, 2001 attacks on the World Trade Center. Before joining the NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications. Zarroli graduated from Pennsylvania State University.NPR Digital Services RSS Generator 0.94Jim ZarroliSat, 17 Mar 2018 12:46:36 +0000Jim Zarrolihttp://whqr.org
Jim ZarroliFor all his harsh rhetoric about unfair trade practices by China, President Trump stopped short of taking any punitive actions against Beijing during his first year in office. But that may be about to change. The Trump administration is expected to release the results of a seven-month investigation into Chinese trade practices , under Section 301 of the Trade Act of 1974, a move that could lead to sanctions against the country and provoke retaliation by Beijing. The actions could come within days, according to a source within the administration. "The Trump administration has made it very clear that it believes that it has the authority under Section 301 to threaten and/or impose tariffs on China directly over these practices," says Edward Alden, senior fellow at the Council on Foreign Relations. Section 301 gives the president wide latitude to impose penalties such as reciprocal bans on cross-border investments and tariffs on a wide variety of Chinese goods, Alden says. The U.S. alsoTrump Prepares To Get Tougher On China Over Tradehttp://whqr.org/post/signs-point-trump-getting-tougher-china-over-trade
134551 as http://whqr.orgThu, 15 Mar 2018 21:17:00 +0000Trump Prepares To Get Tougher On China Over TradeJim ZarroliWhen President Trump announced tariffs on steel and aluminum imports this month, he said protecting the two industries was vital for national security. "We want to build our ships. We want to build our planes. We want to build our military equipment with steel, with aluminum from our country," he said at a March 8 White House news conference. In other words, the U.S. military should be as self-sufficient as possible, and not rely on other countries to supply the essential materials it needs for defense. It's an argument that makes sense at some level, but it also obscures a broader truth about military spending in the global economy: Supply chains have become so complex that it would be virtually impossible for the U.S. military to go it alone. "Almost any item that you could look at [that] says 'Made in the USA' on it, frequently there is some content in it that comes from overseas," says former Pentagon official Andrew Hunter, now with the Center for Strategic and InternationalTrump Says Tariffs Are Needed To Protect Vital Industries, But Are They?http://whqr.org/post/trump-says-tariffs-are-needed-protect-vital-industries-are-they
134318 as http://whqr.orgMon, 12 Mar 2018 21:44:00 +0000Trump Says Tariffs Are Needed To Protect Vital Industries, But Are They?Jim ZarroliWhen President Trump announced plans to impose tariffs on steel and aluminum imports last week, he made clear he views a healthy steel industry as vital to the economic and military success of the United States. But the industry is under threat from steelmakers in competing countries, especially China, which has emerged as by far the largest and most powerful producer on earth. China now produces about half of the world's steel. It singlehandedly churns out as much steel in one year as the entire world did in 2000. During the same time, the U.S. share of global production has fallen from 12 percent to 5 percent today, says Eswar Prasad, a senior fellow at the Brookings Institution and professor of trade policy at Cornell University. Steel has long occupied a special place in the way the U.S. and other nations see themselves. It's both a source of national pride and a symbol of a country's industrial might. "When it comes to a time when our country can't make aluminum and steel — andChina Churns Out Half The World's Steel, And Other Steelmakers Feel Pinchedhttp://whqr.org/post/china-churns-out-half-worlds-steel-and-other-steelmakers-feel-pinched
134054 as http://whqr.orgThu, 08 Mar 2018 11:05:00 +0000China Churns Out Half The World's Steel, And Other Steelmakers Feel PinchedJim ZarroliCopyright 2018 NPR. To see more, visit DAVID GREENE, HOST: A new round of talks is underway in Mexico City to rewrite the North American Free Trade Agreement. This is happening at a tense time for relations on the continent. Canadian officials are threatening to retaliate if the Trump administration goes ahead with tariffs on steel imports. And Mexico's president, Enrique Pena Nieto, recently called off a White House visit over the president's proposed border wall. So I think you could say negotiators from these three countries have to overcome some major differences if they're going to get anything accomplished. Here's NPR's Jim Zarroli. JIM ZARROLI, BYLINE: President Trump came to office vowing to renegotiate NAFTA, which he called one of the worst trade agreements ever written. Changing the agreement was always going to be politically tough. But with so much at stake economically, Mexico and Canada have had little choice but to meet the U.S. at the bargaining table. Jeffrey SchottNew Round Of NAFTA Talks Is Underway In Mexicohttp://whqr.org/post/new-round-nafta-talks-underway-mexico
133700 as http://whqr.orgFri, 02 Mar 2018 10:01:00 +0000New Round Of NAFTA Talks Is Underway In MexicoJim ZarroliAs the Trump administration sees it, U.S. steel and aluminum industries are in crisis, rapidly losing ground to foreign competitors and hemorrhaging jobs along the way. But proposed import tariffs and quotas have other manufacturers worried that they'll become less competitive in the global marketplace. How the administration responds to the problem is something Mark Vaughn is watching very closely. The president of a small manufacturing company in Nashville, Tenn., Vaughn makes parts for auto and appliance companies, such as Carrier, Whirlpool and Johnson Controls. Because he buys steel domestically, he isn't concerned about the impact of import tariffs, a move recommended by Commerce Secretary Wilbur Ross last week, on his own bottom line. But as Vaughn sees it, tariffs could disrupt the complex supply chains that he and his customers are part of. "All of them concentrate on cost, and if the cost of their products goes up, then that would create the environment where they may goTrump Trade Action Could Boost Steel, Aluminum Manufacturers, Hurt Other Industrieshttp://whqr.org/post/trump-trade-action-could-boost-steel-and-aluminum-makers-hurt-others-industries
133236 as http://whqr.orgFri, 23 Feb 2018 10:11:00 +0000Trump Trade Action Could Boost Steel, Aluminum Manufacturers, Hurt Other IndustriesJim ZarroliCopyright 2018 NPR. To see more, visit MARY LOUISE KELLY, HOST: Another tumultuous day in the stock market today - the Dow Jones industrial average shot up and down and up, finally ending 330 points higher. The wild ride began last week with the Dow plunging last Friday after the Labor Department reported a jump in wages in January. That report fueled fears that inflation was rising and that that might cause the Federal Reserve to raise interest rates. Some economists say the inflation threat may be exaggerated, as NPR's Jim Zarroli reports. JIM ZARROLI, BYLINE: If you talk to people like Chris Mortensen, you know how hard it can be to find workers these days. Mortensen owns Samaritan Tire outside Minneapolis. And he says he's looked everywhere to find employees. He runs ads online. He hires recruiters. He even paid for an ad on the radio. CHRIS MORTENSEN: That didn't work very well. And if you put help wanted out there or now hiring out there in every area you can, we would get anDespite Tumultuous Stock Market, Some Economists Say Inflation Threat Is Exaggeratedhttp://whqr.org/post/despite-tumultuous-stock-market-some-economists-say-inflation-threat-exaggerated
132398 as http://whqr.orgFri, 09 Feb 2018 23:09:00 +0000Despite Tumultuous Stock Market, Some Economists Say Inflation Threat Is ExaggeratedJim ZarroliCopyright 2018 NPR. To see more, visit ARI SHAPIRO, HOST: The dramatic swings we've been seeing in the markets since late last week kept going today. Here's what was happening early this morning before U.S. markets opened. (SOUNDBITE OF MEDIA MONTAGE) UNIDENTIFIED REPORTER #1: We've got some breaking news. A global market sell-off is in the works right now - sharp drops in Asia and Europe overnight. ERICA HILL: Futures pointing to what could be another wild day. UNIDENTIFIED REPORTER #2: And if you were looking for relief this morning, you are not going to get it, at least not yet. (SOUNDBITE OF NEW YORK STOCK EXCHANGE BELL) AILSA CHANG, HOST: When Wall Street opened at 9:30 Eastern, the Dow was down more than 500 points. And not much later, it was shooting up by 300-some points. There was a lot of hedging going on throughout the day. (SOUNDBITE OF MEDIA MONTAGE) UNIDENTIFIED REPORTER #3: Look; it's anybody's guess as to what happens from here. UNIDENTIFIED REPORTER #4: Maybe this wasTreasury Secretary Steve Mnuchin Says He's Not Worried About Volatile Stock Markethttp://whqr.org/post/treasury-secretary-steve-mnuchin-says-hes-not-worried-about-volatile-stock-market
132171 as http://whqr.orgTue, 06 Feb 2018 21:27:00 +0000Treasury Secretary Steve Mnuchin Says He's Not Worried About Volatile Stock MarketJim ZarroliCopyright 2018 NPR. To see more, visit STEVE INSKEEP, HOST: We are watching several television screens in our studios which have been showing changes in the Dow Jones Industrial Average second by second by second. To be frank, each blip in the market tells us nothing that we really need to know, but the trend of the last few days is pretty dramatic. On Monday, stocks dropped 1,175 points, and the market is off to a volatile start today. And that's after, of course, last week's down week. Joining us to sort some of this out is NPR White House correspondent Scott Horsley. Scott, good morning. SCOTT HORSLEY, BYLINE: Good morning. INSKEEP: And also our business reporter Jim Zarroli is with us. Jim, good morning to you. JIM ZARROLI, BYLINE: Good morning. INSKEEP: Scott, we're here in Washington. Is the Trump administration saying anything about the markets the last few days? HORSLEY: Not a whole lot. The treasury secretary was on Capitol Hill today, and Steven Mnuchin didn't volunteerSorting Out What The U.S. Markets' Volatile Start May Meanhttp://whqr.org/post/sorting-out-what-us-markets-volatile-start-may-mean
132144 as http://whqr.orgTue, 06 Feb 2018 16:48:00 +0000Sorting Out What The U.S. Markets' Volatile Start May MeanJim ZarroliWall Street Roller Coaster: Dow Closes Up 567 Points After 2 Days Of Heavy Losseshttp://whqr.org/post/stocks-brace-another-tough-day-asia-and-europe-fall
132133 as http://whqr.orgTue, 06 Feb 2018 14:13:00 +0000Wall Street Roller Coaster: Dow Closes Up 567 Points After 2 Days Of Heavy LossesJim ZarroliCopyright 2018 NPR. To see more, visit ARI SHAPIRO, HOST: It has been a long time since the stock market has seen a day as bad as this one. The Dow Jones Industrial Average fell 666 points. That is a 2 and a half percent drop. And it caps off a pretty bad week on Wall Street. NPR's Jim Zarroli is going to explain to us what's happening. Hi, Jim. JIM ZARROLI, BYLINE: Hi, Ari. SHAPIRO: The story all year has been record highs in the stock market. What's going on? ZARROLI: Yeah. The stock market has been on a tear. I mean, the Dow is up 25 percent last year. Then it just kept blowing past, you know, 24,000, 25,000, 26,000. President Trump is bragging about how well the stock market has done. And this week, it just seemed like, you know, this giant bucket of cold water was thrown in everybody's face. And that really intensified today. All these big stocks like ExxonMobil, Goldman Sachs, Apple - they were all down. And it wasn't just stocks. It was bonds. It was commodities like oil. It wasStock Market Sees Its Worst Weekly Performance In 2 Yearshttp://whqr.org/post/stock-market-sees-its-worst-weekly-performance-2-years
131960 as http://whqr.orgFri, 02 Feb 2018 21:29:00 +0000Stock Market Sees Its Worst Weekly Performance In 2 YearsJim ZarroliA new NPR/Marist poll finds that 1 in 5 jobs in America is held by a worker under contract. Within a decade, contractors and freelancers could make up half of the American workforce. In a weeklong series , NPR explores many aspects of this change. For Tom Hansen and his family, the past few weeks have been a time of feast or famine. December was especially busy at the suburban Denver restaurant where Hansen works, and the 39-year-old was given plenty of shifts. But now with the holidays over, he has been working a lot less. "We had a great Christmas," his wife, Gina Barr, 37, says with a laugh. "But when you drop into January and that income now slices in half, that's a little bit harder to deal with." About a fifth of Americans work on contract, hired for specific projects or for a fixed period of time, according to a new NPR/Marist poll . Like the Hansens, nearly half of them have incomes that vary greatly from month to month or seasonally. "There are very high levels of income andFor One Family, Contract Work Means 'Feast Or Famine' As Income Varieshttp://whqr.org/post/one-family-contract-work-means-feast-or-famine-income-varies
131343 as http://whqr.orgWed, 24 Jan 2018 20:07:00 +0000For One Family, Contract Work Means 'Feast Or Famine' As Income VariesJim ZarroliThe Dow Jones industrial average finished above 25,000 for the first time, as the long rally in stock prices showed no signs of letting up. A strong report about hiring from payroll processor ADP helped push stocks higher. Financial stocks did especially well, and an increase in oil prices has benefited the energy sector. The Dow finished the day at 25,075, a gain of 0.61 percent. Both the Nasdaq composite index and the Standard and Poor's 500 index also finished at record highs. Last year turned out to be the best for the market since 2013, with the Dow climbing more than 25 percent. It rose 4,000 points over the last 10 months. "It was the first year in history where you saw every single month up," said Liz Ann Sonders, chief investment strategist at Charles Schwab. Sonders attributes much of the surge in prices to broad economic factors, including low interest rates and healthy growth. "I think the turn in earnings and the strength in global growth was enough to propel the market,Stocks Continue A Winning Streak; Dow Industrials Now Over 25,000http://whqr.org/post/stocks-continue-winning-streak-dow-industrials-now-over-25000
130126 as http://whqr.orgThu, 04 Jan 2018 22:03:00 +0000Stocks Continue A Winning Streak; Dow Industrials Now Over 25,000Jim ZarroliKari Pinto and her husband recently retired, and now they hope to trade Iowa — and its harsh winters — for a state with a milder climate. But the tax bill President Trump signed into law last month has complicated their search for a new home. "Now we just have another wrinkle in trying to determine where to go, and how much it's going to cost us," she says. The new tax law is forcing a lot of people to reconsider whether they want to buy a home and how much they can pay, and that could affect housing prices, says Mark Zandi, chief economist at Moody's Analytics. By the summer of 2019, housing prices nationwide will be about 4 percent less than they otherwise would have been, Zandi predicts. Prices could actually decline for higher-priced homes in parts of the country such as the Northeast, South Florida and the West Coast, he says. Homebuyers will take a hit in several ways. Starting in 2018, homeowners can deduct interest on mortgages only up to $750,000. The previous cap was $1Tax Changes Could Hurt Affordability At High End Of The Housing Markethttp://whqr.org/post/tax-changes-could-hurt-affordability-high-end-housing-market
129986 as http://whqr.orgWed, 03 Jan 2018 00:24:00 +0000Tax Changes Could Hurt Affordability At High End Of The Housing MarketJim ZarroliA little-remarked-upon provision changing the way inflation is calculated is among the big changes contained in the tax overhaul signed by President Trump last week. The new method, using the so-called "chained" consumer price index to determine when to adjust tax brackets and eligibility for deductions, is expected to push more Americans into higher tax brackets more quickly. In the past, the tax code used the traditional CPI measure issued by the Labor Department each month. By switching to this new method, the government will bring an additional $134 billion into federal coffers over the next decade, according to the Joint Committee on Taxation . How will that happen? It comes down to this: The chained CPI makes inflation appear lower, and that means tax brackets will be adjusted upward more slowly — but lots of workers will continue to get raises based upon the faster-rising traditional CPI. In other words, your income may rise faster than the inflation adjustments, forcing you toThe Tax Law's New Way Of Measuring Inflation Could Take A Toll On Taxpayershttp://whqr.org/post/tax-bills-new-way-measuring-inflation-could-take-toll-taxpayers
129655 as http://whqr.orgWed, 27 Dec 2017 10:00:00 +0000The Tax Law's New Way Of Measuring Inflation Could Take A Toll On TaxpayersJim ZarroliCopyright 2018 NPR. To see more, visit ARI SHAPIRO, HOST: The tax bill that President Trump signed into law last week will usher in lots of changes. One we haven't heard much about yet is likely to raise the amount of money most people pay in taxes over time. It has to do with the way inflation is calculated. NPR's Jim Zarroli explains. JIM ZARROLI, BYLINE: To understand the change, you have to go back to the 1970s. Back then, tax brackets were fixed, so if your salary rose to a certain level, you had to pay taxes at a higher rate. But rampant inflation was eating into people's purchasing power. Douglas Holtz-Eakin is former director of the Congressional Budget Office. DOUGLAS HOLTZ-EAKIN: People were being pushed into higher tax brackets just due to inflation alone. They actually weren't more affluent, and that seemed inappropriate. ZARROLI: So in the 1980s, Congress made an important change. Tax brackets were for the first time tied to the inflation rate, and the inflation rate wasMeasurement Tool Used In New Tax Bill Will Impact Deductions And Bracketshttp://whqr.org/post/measurement-tool-used-new-tax-bill-will-impact-deductions-and-brackets
129641 as http://whqr.orgTue, 26 Dec 2017 21:36:00 +0000Measurement Tool Used In New Tax Bill Will Impact Deductions And BracketsJim ZarroliRepublicans in Congress are on the verge of fulfilling their longtime dream of eliminating the federal estate tax, and they could do it in a way that is even more generous to heirs than previous repeal efforts. Bills passed by the Senate and the House recently would reduce or scrap the taxes heirs now pay on estates larger than $5.5 million. And the bills would do so without repealing the so-called "stepped-up basis" provision. Ordinarily, people have to pay taxes when they sell off assets that have appreciated in value, like shares of stock or real estate. But heirs are exempted from that tax. That's because they already pay the estate tax. The bills approved by Congress recently would eliminate or reduce the estate tax, while leaving the exemption in place. In other words, you would be able to pass on assets that have gained a lot in value — like those Apple shares you bought years ago — and, unlike everyone else, your heirs never have to pay tax on the appreciation. To put itAs GOP Lawmakers Eye Cutting Estate Tax, Will They Increase Income Inequality?http://whqr.org/post/gop-lawmakers-eye-cutting-estate-tax-will-they-increase-income-inequality
128440 as http://whqr.orgThu, 07 Dec 2017 09:43:00 +0000As GOP Lawmakers Eye Cutting Estate Tax, Will They Increase Income Inequality?Jim ZarroliRepublicans say the tax-cutting overhaul being debated in Congress will jump-start the U.S. economy, leading to a lot more investment and hiring by companies. But some economists say the tax plans — which would sharply cut corporate and business taxes and eliminate numerous deductions for individuals — come at precisely the wrong time. Lower taxes could also be undercut by Federal Reserve policymakers, who are gradually raising interest rates, they say. Tax cuts can be a good way to stimulate the economy when growth is slowing down, by encouraging businesses and people to keep spending when their finances are growing tighter. But the economy is in the midst of its longest postwar recovery on record, with an annual growth rate of 3.3 percent last quarter. The unemployment rate is down to 4.1 percent. Economists often argue that during periods of growth like this, governments should be paring down debt, giving them more fiscal breathing room during the next recession. "It's alwaysIs This The Right Time For a Big Tax Cut?http://whqr.org/post/right-time-big-tax-cut
128268 as http://whqr.orgMon, 04 Dec 2017 23:40:00 +0000Is This The Right Time For a Big Tax Cut?Jim ZarroliCopyright 2017 NPR. To see more, visit KELLY MCEVERS, HOST: President Trump has said over and over again that the tax overhaul now being debated by Congress would actually hurt him and other wealthy people, not help them. (SOUNDBITE OF ARCHIVED RECORDING) PRESIDENT DONALD TRUMP: This is going to cost me a fortune, this thing. Believe me. Believe. This is not good for me. Me, it's not so - I have some very wealthy friends - not so happy with me. But that's OK. MCEVERS: That's Trump yesterday in Missouri. But his claim is being challenged by a lot of people. They say Trump and other wealthy people actually stand to benefit from the Republican tax plan. NPR's Jim Zarroli is here to explain now. Hi, Jim. JIM ZARROLI, BYLINE: Hi. MCEVERS: OK, so we all know President Trump has refused to release his tax returns. So how much do we really know about how this tax plan would affect him? ZARROLI: He hasn't released his returns, but we do have other documents that tell us about the structure ofTrump's Claim That GOP Tax Bill Would Hurt The Wealthy Continues To Be Challengedhttp://whqr.org/post/trumps-claim-gop-tax-bill-would-hurt-wealthy-continues-be-challenged
128040 as http://whqr.orgThu, 30 Nov 2017 21:36:00 +0000Trump's Claim That GOP Tax Bill Would Hurt The Wealthy Continues To Be ChallengedJim ZarroliRepublicans lawmakers are considering a federal budget "trigger" that would raise taxes if proposed tax cuts don't deliver the economic growth they have promised. But the proposal is generating a lot of pushback from critics, especially conservatives. The so-called trigger mechanism would be a legislative provision to rescind corporate tax cuts by as much as $350 billion if revenue targets are not met, Bloomberg News reports . Congressional Republicans have said they expect the tax cuts to unleash a wave of economic growth, which will boost tax revenues and keep the budget deficit from increasing. The trigger would kick in if that doesn't happen as promised. While few details have been released, the aim would be "to try to create a backstop or a trigger mechanism that to the extent that growth estimates that have been laid out aren't achieved, we don't pass on even greater debt to our children," Sen. Bob Corker, R-Tenn., told Fox News on Tuesday. But the idea is opposed by manyA Revenue 'Trigger' Would Shoot Down Tax Cuts If Economy Doesn't Grow As Expectedhttp://whqr.org/post/congress-considers-tax-revenue-trigger-shoot-down-budget-deficits
127966 as http://whqr.orgWed, 29 Nov 2017 22:10:00 +0000A Revenue 'Trigger' Would Shoot Down Tax Cuts If Economy Doesn't Grow As ExpectedJim ZarroliMarilyn Mollenedo spent years working at a series of administrative jobs. So when her husband landed a well-paying position in San Francisco, she figured it would finally enable them to put aside more money for retirement. Instead, her husband's salary, coupled with a generous pension from an earlier government position, thrust them into a costly new tax category, where they had to pay the alternative minimum tax. This week, the U.S. Senate is expected to vote on a version of a tax-overhaul bill that would eliminate the AMT. The approved House bill would also scrap the tax. The AMT hits some 5 million households a year, targeting high earners who take a lot of deductions. It wasn't supposed to be like that. When it first took effect in 1970, the AMT was intended to keep the superwealthy from dodging all taxes by taking too many deductions. Congress passed the AMT after the Treasury revealed that 155 high-income households had not paid a dime of federal income taxes. "It's designed toCongress Takes Aim At Tax Rules That Hit Hardest At Upper Middle Classhttp://whqr.org/post/eliminating-alternative-minimum-tax-has-downside-analysts-say
127856 as http://whqr.orgTue, 28 Nov 2017 10:05:00 +0000Congress Takes Aim At Tax Rules That Hit Hardest At Upper Middle Class